Fitch affirms City National

Fitch Ratings said it affirmed the long-term issuer default rating at A- and short-term issuer default rating at F1 of City National Corp. and its lead bank subsidiary City National Bank.

The agency also affirmed City National Corp.'s viability rating at A- and senior unsecured rating at A-, along with City National Bank's long-term deposit rating at A, short-term deposits rating at F1, viability rating at A-, subordinated debt rating at BBB+ and market-linked deposits rating at A(emr).

The outlook is stable.

The affirmation reflects the bank's consistent performance over several credit cycles, solid funding profile, diverse revenue streams and relatively stronger asset quality measures over the most recent cycle, Fitch said.

The bank demonstrated itself as a superior underwriter by reporting significantly lower credit losses than similarly rated peers, the agency said.

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